Celsius (CEL) has been sent to Maker (MKR) agreement, suggesting the troubled crypto lending platform is trying to avoid a complete collapse amid credible bankruptcy rumors.
Celsius has repaid $142.8 million worth of Dai (wore) stablecoins in four separate transactions, according to Data from DeFi Explorer. The cryptocurrency lender still owes $82 million in outstanding debt to Maker. The company is currently losing $667.2 million on a lifetime investment of $1.8 billion.
Celsius’ liquidation price for its Wrapped Bitcoin (wBTC) loan has dropped to $4,966.99 Bitcoin (bitcoin). The liquidation price has dropped by nearly half since Celsius reportedly paid out $64 million in DAI on July 4, and just hours later, it paid out $50 million in DAI.
Just now: Celsius Network paid another $50 million for it #bitcoin loan. Their liquidation price has dropped to $8,840.
— Watcher.Guru (@WatcherGuru) July 4, 2022
Celsius is one of several crypto blue-chip companies on the verge of bankruptcy After extreme market conditions sparked historic losses in multiple positions.The company Withdrawals suspended mid-June Due to extreme market conditions, new legal counsel was later hired to advise on the restructuring.Goldman Sachs, a major U.S. bank look at News of the acquisition of Celsius assets surfaced quickly.
Despite liquidity issues and signs of impending business collapse, Celsius has reportedly Rewards still being paid as of last week. Although Celsius users are still receiving rewards, they cannot withdraw their rewards due to liquidity constraints.